Garland Capital Management Inc. Sells 200 Shares of 3M Co (NYSE:MMM)

Garland Capital Management Inc. lessened its holdings in 3M Co (NYSE:MMM) by 0.8% during the 2nd quarter, HoldingsChannel reports. The firm owned 24,925 shares of the conglomerate’s stock after selling 200 shares during the period. 3M accounts for approximately 3.1% of Garland Capital Management Inc.’s portfolio, making the stock its 18th largest position. Garland Capital Management Inc.’s holdings in 3M were worth $4,320,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Northern Trust Corp increased its position in 3M by 2.4% in the fourth quarter. Northern Trust Corp now owns 8,011,899 shares of the conglomerate’s stock worth $1,526,587,000 after purchasing an additional 186,257 shares during the last quarter. Geode Capital Management LLC increased its position in 3M by 5.0% in the fourth quarter. Geode Capital Management LLC now owns 7,416,248 shares of the conglomerate’s stock worth $1,410,584,000 after purchasing an additional 353,754 shares during the last quarter. Norges Bank purchased a new position in 3M during the fourth quarter worth $918,305,000. Legal & General Group Plc boosted its stake in 3M by 6.4% during the fourth quarter. Legal & General Group Plc now owns 2,853,554 shares of the conglomerate’s stock worth $543,682,000 after buying an additional 171,980 shares during the period. Finally, Ronna Sue Cohen boosted its stake in 3M by 20,703.2% during the first quarter. Ronna Sue Cohen now owns 2,685,486 shares of the conglomerate’s stock worth $2,685,000 after buying an additional 2,672,577 shares during the period. Institutional investors own 66.84% of the company’s stock.

Several research analysts have commented on the stock. Zacks Investment Research raised shares of 3M from a “sell” rating to a “hold” rating and set a $183.00 price objective for the company in a research note on Monday, July 29th. Citigroup dropped their price objective on shares of 3M from $221.00 to $197.00 and set a “buy” rating for the company in a research note on Monday, June 3rd. Bank of America dropped their price objective on shares of 3M from $193.00 to $185.00 and set a “neutral” rating for the company in a research note on Thursday, June 27th. Royal Bank of Canada set a $179.00 price objective on shares of 3M and gave the stock a “hold” rating in a research note on Friday, July 26th. Finally, Gordon Haskett lowered shares of 3M from a “buy” rating to a “hold” rating and set a $191.98 price objective for the company. in a research note on Monday, April 29th. Four research analysts have rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $182.77.

In other news, insider Joaquin Delgado sold 5,400 shares of the business’s stock in a transaction on Friday, May 17th. The shares were sold at an average price of $169.68, for a total transaction of $916,272.00. Following the completion of the sale, the insider now directly owns 28,092 shares of the company’s stock, valued at $4,766,650.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Gregory R. Page bought 1,000 shares of the stock in a transaction dated Tuesday, May 7th. The shares were bought at an average cost of $179.60 per share, with a total value of $179,600.00. Following the completion of the purchase, the director now directly owns 3,000 shares of the company’s stock, valued at approximately $538,800. The disclosure for this purchase can be found here. Insiders have bought 3,200 shares of company stock valued at $559,260 over the last three months. Insiders own 0.83% of the company’s stock.

NYSE MMM opened at $170.55 on Friday. The company has a debt-to-equity ratio of 1.53, a current ratio of 1.93 and a quick ratio of 1.34. The stock’s fifty day moving average price is $172.71. The stock has a market capitalization of $100.51 billion, a price-to-earnings ratio of 16.30, a price-to-earnings-growth ratio of 1.84 and a beta of 1.09. 3M Co has a 52 week low of $159.32 and a 52 week high of $219.75.

3M (NYSE:MMM) last issued its earnings results on Thursday, July 25th. The conglomerate reported $2.20 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.04 by $0.16. The firm had revenue of $8.17 billion during the quarter, compared to analyst estimates of $8.10 billion. 3M had a net margin of 15.27% and a return on equity of 55.05%. The business’s revenue was down 2.6% on a year-over-year basis. During the same period in the previous year, the firm earned $2.59 earnings per share. As a group, research analysts anticipate that 3M Co will post 9.35 EPS for the current fiscal year.

3M Company Profile

3M Company operates as a technology company worldwide. The company's Industrial segment offers tapes, abrasives, adhesives, ceramics, sealants, specialty materials, purification products, closure systems, acoustic systems products, automotive components, abrasion-resistant films, and paint finishing and detailing products.

Further Reading: What is the price-to-earnings growth (PEG) ratio?

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Institutional Ownership by Quarter for 3M (NYSE:MMM)

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